Stella Di Mare Hotels & Resorts will start this year the construction of its first hotel outside Egypt in Dubai, United Arab Emirates, to tap the Gulf country’s lucrative tourism market.

Founded in 2000, Stella Di Mare Hotels & Resorts is the hospitality arm of Egyptian Stock Exchange-listed Remco Tourism Villages Construction.

Remco's chairman Ayoub Adly Ayoub said the 31-storey five-star hotel, comprising 380 rooms, is located in the Dubai Marina area and is being built by the company as a joint venture with a UAE-based tourism investment firm.

"This is the first Stella Di Mare brand hotel in the UAE and the company's first project outside Egypt," he said during a telephone interview last week.

Ayoub said Remco will carry out the construction work while the UAE firm is providing the funding but declined to identify the firm or specify investments involved in the hotel project.

The hotel is scheduled to open in 2020, he added.

In Egypt, Remco is constructing 4,000 houses and 450 villas in the new administrative capital near Cairo at a cost of around 12 billion Egyptian pounds ($670 million) as a joint venture with the armed forces, Ayoub said.

The project is funded by the company itself, he said, adding that Remco's property sales stood at around 1.5 billion pounds ($83.75 million) in 2017.

"We expect sales to jump to around five billion pounds ($279 million) this year due to a sharp increase in its projects," he said.

Remco owns and manages six hotels and nine resorts in Egypt.

[1 USD = 17.93 Egyptian pounds]

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@thomsonreuters.com)

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal

© ZAWYA 2018